CoopsTParticipant@coopstJoin Date: 2004Post Count: 26
I am planning on subdividing a rental place I have owned for 6 months with the plan to build a couple of units behind the original rental…My question is this;
What are the different ways to divide the rear to build the units? I have heard (and read about a few on these forums) about different types of stratas but really am not sure what the difference is between them. I plan on keeping them when they are finished so any help would be greatly appreciated. It is a pretty confusing area to say the least!!
CoopsmoolahMember@moolahJoin Date: 2005Post Count: 26
Look at my last posting under the thread “Strata vs Torrens Titles”.
I’m not sure what state you live in but if you can’t get clear access/eggress to the street for a Torrens Titled block then at least, go for a Community Titled development. Most State Governments have introduced this type of land ownership because from a social viewpoint, Strata Tiltes are simply out of date and don’t work.
I personally don’t think any kind of “communal” (i.e. communistic) system works but in the newer Community Title arrangements they’ve at least attempted to allow unit owners to own a “semi-unencumbered” property. They’ve done this by actually allowing the unit owners the right to do basically whatever they want to do in their own unit. The only real things that community owns are things like the common driveway into the property, swimming pools etc (that still leaves plenty of things for people to fight about HA HA).
In closing, if I were you – I’d:
(1) simply own all the properties or at least 51% of them (in your case – it would have to be both because you’re only building a couple of units), rent them out and keep one for yourself. In that way you are in full control of your own property.
(2) Strata Manage the property yourself (there’s 10% saved).
(3) Property Manage the property yourself (there’s another 10% saved)
(4) If worse comes to worse – do a Community Title.
Moolah (be afraid be very afraid)
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